Norsk Hydro receives latest $21mn insurance payout for 2019 cyber-attack
Norsk Hydro received a further NOK 192mn ($21mn) insurance payout during the third quarter for the cyber-attack it suffered in March 2019, taking total recoveries from carriers for the event so far to NOK 715mn ($77mn).
Insurers hit out at EU green disclosure rules
Insurers in the EU have hit out at plans from regulators for new disclosure rules for so-called green assets, arguing the templates for reporting the data are too long and complicated.
Euro P&C stocks mixed amid new pandemic restrictions
European (re)insurance stocks seesawed between losses and gains in morning trading on Thursday amid investor concern over rising coronavirus cases on the continent and the possibility of new restrictions, while talks over US stimulus continued.
HDI acquires Amissima in Italy push
HDI Assicurazioni, the Italian arm of HDI International AG, will acquire Italian non-life insurer Amissima Assicurazioni from Amissima Holdings for an undisclosed sum.
Low interest rates impacting reinsurers’ profitability: Munich Re’s Höpke
The continuation of low interest rates in Europe as a result of Covid-19 is impacting the profitability of reinsurers and the cost of insurance coverage is expected to increase in response, Munich Re’s Doris Höpke has said.
HDI Global enters German fine art and HNW market with Axa’s Wiebe
HDI Global Specialty SE is to enter the German fine art and high net worth (HNW) insurance market with the hire of Alexander Wiebe from Axa.
Echo Re hires ex-Verto deputy CUO Griffiths to lead marine and energy
Swiss reinsurer Echo Re has brought on board ex-Verto Syndicate 2689 deputy active underwriter Tim Griffiths as head of marine and energy underwriting.
Hannover Re’s E+S Rück bullish on positive rate development in 2020
Hannover Re’s German business subsidiary – E+S Rück – has forecast rising prices and improved conditions overall in property and casualty reinsurance in the German market in 2021 as the Covid-19 pandemic and continued decline in interest rates forces prices higher.
EU insurers warn on stress testing expense
European insurers have hit out at proposed changes to the way in which the bloc’s industry regulator carries out market stress tests, saying the changes would be too complicated and costly to implement.
Axa completes €1bn sale of CEE operations to Uniqa
Axa has completed the €1bn ($1.17bn) sale of its Central and Eastern European (CEE) operations to Uniqa, with the deal expected to improve the group’s Solvency II ratio by 2 percentage points in Q4.
EU watchdog calls for greater power in wake of pandemic
Europe’s insurance watchdog has called for greater powers to ensure that member states create a “level playing field” after carriers and national supervisors defied the regulator by failing to take a common approach to dividends during the coronavirus crisis.
Aspen names Hiscox’s Rai as UK head of claims
Aspen Insurance Holdings has named Tony Rai as head claims for Aspen Insurance UK and Aspen Managing Agency Limited.
Toa Re adds life reinsurance to European platform
Japanese reinsurer Toa Re is expanding its operations in Continental Europe by adding life reinsurance to its Zurich-based underwriting platform.
EU warns insurers on Brexit preparations
European insurers have been warned by the Union’s industry watchdog to get their post-Brexit operations in order and to ensure they are fully prepared for the UK’s exit from the EU’s regulatory framework at the end of the year.
Generali Global Corporate & Commercial hands Moore UK branch manager role
Generali Global Corporate & Commercial has named Alan Moore as UK branch general manager in addition to his role as head of Global Corporate & Commercial UK.
Swiss Re and Daimler launch mobility insurance MGA
Swiss Re and German carmaker Daimler have launched Movinx, a Berlin-based managing general agent designed to transform and innovate automotive and mobility insurance.
Coverys appoints Ibba as CEO of AEC Group
Coverys European Holding (CEH) has named Elisabetta Ibba as CEO of AEC Group, the MGA acquired by CEH in January.
Aon and Goldman Sachs partner on captive investment service
Aon has teamed up with Goldman Sachs on an investment service that will enable captive insurers to identify and access high-quality and yield-enhancing investments.
P&C stocks seesaw in Europe on slowing economic recovery
European P&C stocks seesawed between the green and red on Friday following news the UK economy grew less than expected in August and as traders continued to mull the prospect of more fiscal stimulus measures in the US.
Allianz promotes Stait to head of claims operations
Allianz Insurance has promoted supply chain head Graham Stait to head of claims operations.